Clavister and the European Investment Bank in Negotiations for up to EUR 20m in Financing
Combined financing package of the European Investment Bank and Tagehus allows opportunity for Clavister to accelerate drive for global market share and best-in-class innovations.
ÖRNSKÖLDSVIK, Sweden, Nov. 9, 2017 /PRNewswire/ -- Clavister (NASDAQ: CLAV), a leader in high-performance network security, today announced it's in negotiations with the European Investment Bank (EIB) over a potential financing agreement of up to EUR 20m over multiple tranches. The agreement—which is subject to approvals being obtained by both parties and successful financial negotiations—gives Clavister the funding to pursue its strategy of increased market share and high customer satisfaction through further development of innovative cyber-security products and platforms.
Upon completion, Clavister would realise its comprehensive financing package that includes the recent financing by Tagehus Holding AB. Together, these two financing organisations create a complementary and synergistic investment of up to SEK 250m that is expected to fuel the company's growth.
"We're exceptionally pleased to see our financing strategy potentially come to fruition with these two strong partners creating a sum of value propositions greater than their parts. EIB is a globally respected leader in providing funding for European businesses that are highly innovative in their fields and have a large potential for growth and economic contribution to the EU. That EIB and Tagehus see Clavister as such a compelling business opportunity demonstrates the strength of our business plan and innovative technologies," says Clavister's President and CEO John Vestberg.
As a part of the loan agreement it is foreseen that Clavister will issue warrants, in addition to interest payments, to the EIB. The Company is aiming to finalise the negotiations prior to the Extraordinary General Meeting on December 11, 2017, summoned as per previous press release.
For more information, please contact:
John Vestberg
President and CEO
john.vestberg@clavister.com
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